December 9, 2014

Market outlook

Faster retracement of rally hints at a bigger correction. While support at 8300 is not violated, the extent of fall in 2 days in comparison with the number of days required to rally means we are looking at a trend reversal.

Note that hourly charts gave a sell yesterday and 15 min charts gave a sell from 1-DEC.

EOD charts:

Intraday charts: we had a sell when markets broke initial trading range around 10.50am.